When considering a divorce or a legal separation, you’ll have to think about property division. There are basically two types of property, mainly separate and marital property. This classification is what determines how these assets will be divided in a divorce.
How is property divided in a Colorado divorce?
During the dissolution of a marriage, the court divides the couple’s marital property in an equitable manner. However, the court does not have the mandate to touch the separate property of either of the spouses. Attorneys at matthewsfamilylawyers.com share that when determining what is equal when it comes to marital assets in a divorce case, the court takes some factors into consideration. These factors include:
- Each spouse’s separate property value.
- What each spouse contributed to acquiring the marital property.
- Economic situation and earning capability of each spouse, this includes the likelihood of awarding the family home to the homemaker who cares for children.
- Decrease and increase in value of separate property for each of the spouse.
Colorado being an equitable distribution state rather than a community property state means that marital property isn’t considered to be owned by both people and therefore, should be divided equally after the dissolution of a marriage. Instead, the marital property is divided in an equitable way in which the higher earning spouse gets the bigger share.
What is the difference between separate and marital property?
Separate property is what the law believes to be property owned or received despite one’s marital status. This can include any property acquired prior to marriage, gifts, property deemed separate by an agreement or any property acquired after a legal separation.
Marital assets are what the law believe were acquired to benefit the marriage. This is in spite of whether the property is in one of the spouse’s name or who purchased the assets.
If you have any concerns about the division of property acquired during the marriage, consult a divorce lawyer in Denver, Colorado who will explain what constitutes marital property and what is classified as separate property.